New Social Apps Go Viral, Biotech Takes Center Stage, and More: This Week in Startups

Startups Weekly: The Latest Trends and Funding Rounds

This week in the world of startups, we saw a resurgence of social media innovation, a strong push in the biotech sector, and exciting developments in climate tech and beyond.

Social Media Comeback:

• Noplace, a new social app, hit the top spot on the App Store upon launching out of invite-only mode. This shows that even in seemingly crowded categories like social media, there's still room for new players to gain traction.
• Ten ten, a French app, went viral earlier this year, and both apps demonstrate the potential for new social media platforms to go viral in 2024.

Biotech Goes Mainstream:

• Granza Bio, a startup working on a novel way to deliver cancer treatments, raised a $7 million seed round from Felicis, Refactor, and Y Combinator.
• This funding round highlights the growing mainstream appeal of biotech, with investors like Felicis (a generalist VC firm) allocating a significant portion of their capital to biology-focused startups.

Other Notable Developments:

• Robinhood acquired Pluto Capital, an AI-powered research platform, to enhance its investing app with real-time portfolio optimization.
• Amazon hired the co-founders and part of the team from Adept, an AI startup, after licensing its technology.
• CoinDCX, India's leading cryptocurrency exchange, expanded internationally by acquiring BitOasis, a digital asset platform in the Middle East and North Africa.

Funding News:

• Seaya Ventures, a Spanish VC firm, committed €300 million to climate tech through its dedicated fund, Seaya Andromeda.
• Forestay, a Swiss fund focused on enterprise and SaaS, raised $220 million to invest across Europe and Israel.
• J2 Ventures, led by U.S. military veterans, secured $150 million for its second fund, which will invest in “national-security adjacent” sectors, including healthcare.
• Freedom Trail Capital, a fund launched by a husband-and-wife duo of former Olympians, aims to raise $50 million to invest in influencer-led consumer brands.

Challenges and Concerns:

• Evolve Bank's data breach affected several fintech companies, including Yieldstreet and Wise, highlighting the vulnerability of the sector.

This week's Startups Weekly highlights the dynamism of the startup landscape, showcasing new ventures across various industries, the increasing investment in specific sectors like biotech and climate tech, and the growing pains faced by some players in the fintech space.